IRS widens tax probe of Continental Airlines

LeticiaWilliams

WASHINGTON (CBS.MW) -- The Internal Revenue Service has widened the scope of its ongoing audit of Continental Airlines' income tax returns to include fiscal 2000 and 2001, the company said in its latest quarterly report. The Houston-based airline
CAL, -4.35%
previously announced an IRS probe of fiscal years through 1999 and that it may disallow certain deductions the company claimed. "We believe the ultimate resolution of these audits will not have a material adverse effect on our financial condition, liquidity or results of operations," Continental said in the filing. Shares fell 60 cents to $19.05 in recent trading.

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